Only half of advisers very confident clients understand them

“But that is okay as long as they clearly understand the overall risks they are taking, and the likely level of return they may get.

“However, if there is something like a property fund in the portfolio, which might have to suspend dealing in a recession, then they do need to understand that clearly.

“So there are shades of grey here, but a good adviser will ensure their client understands all the important aspects of what is being recommended.”

katherine.denham@ft.com